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A caricature symbol of US President-elect Donald Trump with cryptocurrency tokens, depicted in entrance of the White House to mark his inauguration, displayed at a Coinhero retailer in Hong Kong, China, on Monday, Jan. 20, 2025.
Paul Yeung | Bloomberg | Getty Images
The $TRUMP meme coin jumped greater than 50% on Wednesday after the highest 220 holders of the token had been promised dinner with the president.
“Have Dinner in Washington, D.C. With President Trump,” reads a message at the entrance web page of the Trump coin’s web site. The dinner — black tie non-compulsory — is scheduled for May 22, with a reception for the highest 25 wallets. A “VIP White House Tour” will happen the next day to come, the website online says.
The value spike offers the $TRUMP cash in move a complete worth of $2.7 billion. It had through a ways the most important transfer of any cryptocurrency, outpacing Sui, which is up 23%, consistent with CoinMarketCap.
The Trump coin debuted in January, simply forward of the inauguration, providing an early indication of the president’s willingness to include crypto and the wealth advent it gives him and his circle of relatives. The challenge’s marketplace cap soared to $15 billion virtually right away, fueled through President Donald Trump’s posts on Truth Social and X stating, “It’s time to celebrate everything we stand for: WINNING!” Within days it had misplaced maximum of its worth.
First Lady Melania Trump introduced her personal coin — $MELANIA — as smartly. It in short crowned $2 billion in marketplace worth ahead of crashing along $TRUMP.
Shortly after the release of the $TRUMP and $MELANIA cash, the SEC issued steerage declaring that meme tokens do not qualify as securities, successfully shielding the tasks from quick regulatory scrutiny.
So a ways, simply 20% of $TRUMP’s provide has been to be had to industry. The closing 80% — held through insiders — stays locked underneath a three-year vesting agenda. The first tranche is scheduled to free up quickly, liberating up tens of millions of bucks value of tokens on the market and probably permitting President Trump and challenge insiders to money in on Wednesday’s pop.
As with maximum meme cash, there’s no underlying services or products. The challenge’s web site claims that 80% of the token provide is held through the Trump Organization and affiliated entities.
WATCH: Digital Assets Council Director Bo Hines at the priorities for Trump’s crypto operating staff
